E2 visa holder and S Corp pros & cons

I have an E2 visa and a share in an LLC. I'm taxed in the US as a partner. May we change the tax entity to an 'S' Corp, and, if so, what would be the pros and cons for me? One obvious pro would be that I would be taxed as an employee and save tax.
Thanks and best wishes

S-corp can be used by anyone who is a tax resident of the US, so being E-2 doesn't necessarily matter. Although it would get awkward if you left but still owned part of the business.

Changing the status from a partnership to an S-corp shouldn't necessarily matter for immigration purposes, provided it is the same business, depends on how much you are actually changing the structure, there are ownership requirements to qualify for E-2.

But I don't quite get the "taxed as an employee" bit, you are taxed as an employee if you use a C-corp as well, do you mean you can do it all on a 1040?

I have an E2 visa and a share in an LLC. I'm taxed in the US as a partner. May we change the tax entity to an 'S' Corp, and, if so, what would be the pros and cons for me? One obvious pro would be that I would be taxed as an employee and save tax.
Thanks and best wishes

I'm not sure I understand the question. An LLC can either be taxed as an 'S' or a 'C' corp.

Either way tax has to be paid, but for an LLC as a 'C' corp, the company files a separate tax return to the owner who pays taxes on their salary as an employee (assuming they take a salary). For an LLC as an 'S' corp, the owner files a tax return which includes the company's profit/loss and the owner is responsible for the company tax through their tax return.

Thanks for your replies - especially Charma1ne. The link was very helpful, including all the extra procedures as an S Corp. Thanks too for the warning about the possible impact on my E2 visa. I'll consult my lawyer in London about that.

Although I currently have a 50% share in an LLC and my partner and I are taxed as a partnership, my accountant says that if we are an S Corp one or both of us could be an employee of the Corp and would pay less tax. However, I certainly wouldn't want to jeopardise my visa status.